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News Breaks | | | | September 4, 2012 | | 07:12 EDT |  | CDXS | Codexis reducing workforce by 133 employees
Codexis announced a workforce reduction as part of its effort to control expenses and conserve cash for its ongoing and future programs following the termination of the Shell Research Agreement and the corresponding loss of ongoing funding for FTEs under the Shell Research Agreement. This action will reduce Codexis’ workforce by approximately 133 employees effective October 30. All affected employees will receive advance notice of their employment loss in accordance with applicable law. Codexis estimates that it will incur total charges of up to $3.6M in the second half of 2012 as a result of this workforce reduction, including $2.9M in continuation of salary and benefits of the affected employees until their work is completed and their positions are eliminated and $0.7M of one-time termination and miscellaneous costs, all of which will result in future cash expenditures. | |
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